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| Version 4 | Version 5 |
|---|---|
| Salmond meets Lloyds TSB bosses | Salmond meets Lloyds TSB bosses |
| (29 minutes later) | |
| First Minister Alex Salmond is meeting executives from Lloyds TSB to discuss the bank's planned takeover of HBOS. | First Minister Alex Salmond is meeting executives from Lloyds TSB to discuss the bank's planned takeover of HBOS. |
| He is pressing for the headquarters of the new bank to be in Scotland. | He is pressing for the headquarters of the new bank to be in Scotland. |
| Mr Salmond is holding talks with a delegation led by Archie Kane, a Lloyds TSB board member and the chief executive of Scottish Widows. | Mr Salmond is holding talks with a delegation led by Archie Kane, a Lloyds TSB board member and the chief executive of Scottish Widows. |
| The meeting comes after a summit of Scottish politicians and business leaders agreed a "national statement of concern" about the situation. | The meeting comes after a summit of Scottish politicians and business leaders agreed a "national statement of concern" about the situation. |
| HBOS was formed in 2001 from a merger between the Halifax and Scotland's oldest bank, the Bank of Scotland. | HBOS was formed in 2001 from a merger between the Halifax and Scotland's oldest bank, the Bank of Scotland. |
| Advertisement | Advertisement |
| Newsnight Scotland asks if market turmoil helped bank bosses complete a deal they had been discussing for some time | Newsnight Scotland asks if market turmoil helped bank bosses complete a deal they had been discussing for some time |
| Lloyds TSB announced last week it had agreed a £12.2bn takeover after shares in Edinburgh-based HBOS plummeted. | Lloyds TSB announced last week it had agreed a £12.2bn takeover after shares in Edinburgh-based HBOS plummeted. |
| The move has raised fears that jobs will be lost and the 300-year-old Scottish institution's heritage will be eroded. | The move has raised fears that jobs will be lost and the 300-year-old Scottish institution's heritage will be eroded. |
| Lloyds TSB said the "management focus" was to keep jobs in Scotland. | Lloyds TSB said the "management focus" was to keep jobs in Scotland. |
| It has also vowed that the Mound would remain as the Scottish headquarters and Bank of Scotland notes would continue to be printed. | It has also vowed that the Mound would remain as the Scottish headquarters and Bank of Scotland notes would continue to be printed. |
| Lloyds TSB chairman Sir Victor Blank is reportedly not at the meeting, but Mr Salmond insisted Mr Kane was the right man to discuss HBOS's future. | Lloyds TSB chairman Sir Victor Blank is reportedly not at the meeting, but Mr Salmond insisted Mr Kane was the right man to discuss HBOS's future. |
| Opposition party leaders who spoke to Mr Kane before his talks with the first minister said their meetings were constructive. | |
| Iain Gray, the leader of the Scottish Labour Party, said he was reassured by Lloyds' "commitment to Scotland". | |
| I think we now have to look at the various alternatives Jim SpowartBanker "Lloyds TSB has made some welcome and positive early statements about jobs and headquarter functions," he said. | |
| "Today's meeting was a step in ensuring these ambitions are realised." | |
| Conservative leader Annabel Goldie said: "Politicians cannot dictate to the new entity what commercial decisions it should make. | |
| "It is our job to encourage, to champion and to persuade Lloyds TSB of the case for Scotland. | |
| "Therefore at our meeting I sought reassurance that Lloyds recognised the value, skills and reputation of the Scottish financial sector, urging them to reflect that in their decisions, by building on that reputation." | |
| Tavish Scott, the Liberal Democrat leader, said: "It is clear that Lloyds recognise the importance of financial services to Scotland's DNA. | |
| "It is our job as politicians to work across parties and across business to turn that into results." | |
| 'National bank' | 'National bank' |
| Meanwhile, the financier behind attempts to save the Bank of Scotland has suggested that a foreign bank or investment fund might step in to take it over. | |
| Jim Spowart, who created Intelligent Finance, said: "It may be possible to get another foreign bank to come in and make a bid for this bank, in which case the head office would be kept intact and perhaps the bank could continue to run as is." | Jim Spowart, who created Intelligent Finance, said: "It may be possible to get another foreign bank to come in and make a bid for this bank, in which case the head office would be kept intact and perhaps the bank could continue to run as is." |
| Another possibility was to consider stripping out the Bank of Scotland from HBOS, said Mr Spowart. | Another possibility was to consider stripping out the Bank of Scotland from HBOS, said Mr Spowart. |
| "We are talking about an institution in Scotland - this is Scotland's national bank," he said. | "We are talking about an institution in Scotland - this is Scotland's national bank," he said. |
| "I'm not saying that last week was the wrong deal, and it might be the only deal in town. | "I'm not saying that last week was the wrong deal, and it might be the only deal in town. |
| "But I think we now have to look at the various alternatives." | "But I think we now have to look at the various alternatives." |
| At Monday's summit, politicians and business leaders united in a bid to make sure Scotland gets the "best possible deal" in the wake of the proposed takeover. | At Monday's summit, politicians and business leaders united in a bid to make sure Scotland gets the "best possible deal" in the wake of the proposed takeover. |